1. Abstract

Ripa Exchange is a hybrid-decentralized exchange with a strong focus on lowering the entrylevel of opening new exchanges and giving crypto traders safe and secure trading partnersto operate with, on a daily basis.

The team of RipaEx believes that, despite the recent developments in the world of cryptocur-rencies, it is still expensive to open, manage and build trust on a newly created exchange, for thefollowing reasons:

– High volume of resources, needed to run a reliable exchange platform;– High cost for building the platform;– High liquidity, necessary to run a profitable business in the first 5 years gap.We have to act right now in order to fix some problems: users are frustrated by unreliable

exchanges that run away with their funds, got hacked or do not sustain the load of a growing industry.Despite the effort of exchanges managers to offer efficient, reliable, and easy to use platforms toTrade, the entry prices for building such platforms is in the rage of 250-300 thousand euro(andthat does not include personnel cost to give platinum customer support, platform infrastructure anddaily expenses for the business).

It is the aim of this project to give you an Open Source, efficient, reliable exchange platformand to give the needed liquidity1 to your newly created exchange from day one, so that you canfocus on finding new customers, give platinum support and comply with all the heterogeneous lawsin the industry. We want that the customer experience will be the sleekest possible, while making itsafer to trade.

1Thank you to the RLSP (Ripa Liquidity Service Provider) technology

2. Introduction

2.1 Key TerminologyRIPA EXCHANGE: a FIAT and cryptocurrency exchange, based on the source code of PeatioRIPA BLOCKCHAIN: a DPOS blockchain in which liquidity is shared for all the exchanges in the

Ripa networkRIPA TOKEN - XPX: a cryptographically secure token exchanged on the Ripa blockchain based

on the DPOS protocolRIPA: the DPOS financial ecosystem composed of Ripa Exchange and Ripa BlockchainRIPAEX: the name of the project, project website and hosted domainRLSP: Ripa Liquidity Service Provider, a shared orderbook to exchange orders and liquidity

between exchanges in the same Ripa networkRIPAEX ICO: the name of fixed exchange rate token exchange period composed of both the

phases of PreSale and RIPA TECARK: a platform for consumer adoption of blockchain technologiesACES: Ark Contract Execution Services provides simple protocols and tools for building a robust

blockchain service marketplace based on the ARK SmartBridge technology“,” OR “.”: The Anglo-Saxon use of decimal points and commas to represent numbers has been

chosen for the purposes of this document: that is to say that a “.” represents a decimal point,and a “,” distinguishes between multiples of thousands, millions and billions.

2.2 RoadmapThere are essentially four phases to the RipaEx project:

FUNDING THE PROJECT: XPX PRESALE AND RIPA TEC (WP2)

This phase recognizes the existence of interest in this market development from acrossthe World concerning the lowering of the entry level for building a cryptocurrencyexchange.

PHASE ENDING JANUARY 2019.

⇓

FIRST EXCHANGE OPENING AND DEVELOPMENT OF TOOLS AND RESOURCES(WP3)

The second phase takes the results of the first and develops from them a set of toolsand resources which provide concise and comprehensible guidance to the worldwidemarket. With the first instance of Ripa Exchange running we can make first contactwith other economical players in the industry.

PHASE ENDING JUNE 2019.

⇓DISSEMINATION (WP 7/8) AND PROJECT COORDINATION (WP1)

During the full duration of the project, dissemination activities (WP 7/8) are carriedout in which results from the individual work packages are disseminated to relevant tar-get groups including project partners, RipaEx investors, exchanges managers, bankingpartners as well as relevant target groups.

⇓DEVELOPMENT OF HYBRID-DECENTRALIZED EXCHANGE (WP 4-6)

Using the tools and resources developed in WP3, Work packages 4-6 focus on puttingcollected knowledge and tools into practice. The three work packages reflect threemajor focal points (and target groups) within the network of exchanges created forestablishing successful demonstrations on a local scale: incorporations of local RipaExchanges (WP4), technical analysis for the Ripa Liquidity Service Provider (WP5),and first MVP of the hybrid decentralized exchange (WP6). The demonstration phaseforms the heart of the RipaEx action; WP 2 and 3 are focused on providing deliver-ables (e.g. tools) that enable successful and efficient demonstration activities.

PHASE ENDING JANUARY 2021.

2.3 RipaEx GovernanceAll the delegates of the Ripa network will decide by the majority of the votes about the creation ofa new Ripa Exchange in the Ripa network and the release of RCF funds for the creation of newexchanges. The customization of the individual exchange instance, otherwise, will be decidedexclusively from the company that manages that single exchange instance.

The RipaEx project will be incorporated as a collective interest company for profit as soon asthe Ripa Blockchain will be stable, while the company Ripa Exchange Ltd will manage the firstindividual crypto asset marketplace instance, that will be opened to public in the first quarter of2019.

3. Ripa Exchange - Ripa Blockchain

3.1 Mission“Our mission is to build the world best open source crypto asset marketplace with

a high performance trading engine and safety which can be trusted and enjoyed byusers. Additionally we want to move the crypto currency exchange technology forwardby providing support and add new features. We are helping people to build easy theirown exchange around the world.”

Help is greatly appreciated, feel free to submit pull-requests or open issues in our GitHubrepositories.

3.2 The Ripa Exchange3.2.1 Features

A free, transparent and internationalized open source crypto currency exchange.

OPEN SOURCE ;

All source code are fullyreleased under the termsof the MIT License.

Ripa Exchange is a customizable cryp-tocurrency exchange solution architectureenables easy connection to KYC/AML,authentication, ETL/reporting, and otherservices.

COMPLIANT Ë

International KYC/AMLstandards.

Ripa Exchange KYC efficiently submitsand exchanges KYC information to meetthe banking supervisory standards andcomply with Customer Due Diligence(CDD) requirements.

TRANSPARENT &CONFIGURABLE 3

Customize in your ownway

Major functions have been embedded inthe source code – neat registration andlog-in interface, personalized deposit andwithdraw procedure, best match of bidand ask, etc.

INTERNATIONALIZATION

^

All users are able to viewRipa Exchange in a lan-guage to their best conve-nience.

Supporting many common languages.

PROOF OF SOLVENCY

�

Easy deployable PoS.

Ripa Exchange Proof of Solvency (PoS)allows users to verify the solvency ofthe Ripa Exchange based cryptocurrencyexchange without compromising userprivacy.

MULTI-ACCOUNTS

TRADING ®

Easy currency configura-tion.

Ripa Exchange allows to create multipleaccounts and trading in multiple curren-cies. Ripa Exchange makes it is easyto trade different currencies.

MULTI-ACCOUNTS

USERS �

Easy account configura-tion.

Ripa Exchange allows to create multiplelogin accounts Google, Facebook, Twitterand FIDO Alliance login standards tosecure your account.

ENTERPRISE

EXCHANGE �

Start small, grow big.

Ripa Exchange enterprise exchangefeatures include a high-performancematching engine, scalable distributedworker threads, and SMS 2-factorauthentication.

FUNCTIONAL &INTUITIVE }

For the new trader, for theexperienced trader.

Clean, user friendly registration andlogin interface. Personalized depositand withdraw procedure and a built-inproof-of-solvency audit.

3.2.2 Features at LaunchAt the first working Ripa Exchange instance opening the following features will be functioning:

– CRYPTO⇔ CRYPTO:– OAUTH: Facebook, Google, Twitter– FIDO: login with FIDO Alliance standards– PROTOCOLS: POW, DPOS, Masternode, tether, ERC20– CURRENCIES: BTC, ETH, DOGE, BCH, TUSD, ARK, LISK, SHIFT, RISE, KAPU, OXY,

RIPA, promising ERC20 tokens– MAIN MARKETS: BTC, ETH, ARK– ORDERS TYPE: market, limit

3.2.3 Development Timeline

Figure 3.1: Ripa Exchange Development Timeline

3.3 The Ripa BlockchainRipa Blockchain will inherits the Delegated Proof of Stake (DPoS) consensus system, that was firstintroduced by BitShares. This consensus algorithm was designed to eliminate the issues associatedwith Proof of Work (PoW), namely the centralization of computing power and the exponentiallyincreasing waste of real world energy. While not completely decentralized as it relies on consensusby a fixed number of elected delegates, it guarantees a better decentralization than Bitcoin. The con-sensus algorithm implementation is improved over time, evolving into an optimal consensus system.

The technical description of the Ripa blockchain is as follow:1. DPoS (Delegated Proof of Stake)

– 101 active forging Delegates– Delegates selected by vote mechanism built into DPoS– 115,000,000 XPX - Seeded Genesis Block

2. Multi-signature accounts3. Constant block reward

– 2 P−−per block– Inflation Rate (with 8s block times)

– 6.31% for the first year– 5.93% the 2nd year– 4.02% the 10th year

– 8-second block time– Decreased block time possible with future upgrades to the core.

– 25 transactions per block– Increased via soft fork as needed.

4. Routing tables5. SmartBridge data field for custom use and bridging blockchains (ARK Contract Execution

Service)6. Batch transactions1

7. Custom transaction fees1

8. Native smart contract execution2

3.3.1 Connecting BlockchainsARK Bridged Blockchains (SmartBridge Technology)The ARK Platform does not provide direct support for sidechains or dapp databases. As a matter offact, a mechanism to link together blockchains is provided through a bridging function built intoARK Core where any blockchain can send and receive trigger function notices and informationaldata through the primary ARK network via custom developed SmartBridge(s) and EncodedListeners.

1Future upgrade: when ARK 2.0 will be released2Future upgrade: when ARK Virtual Machine will be released

Figure 3.2: ARK-BTC A.C.E.S. SmartBridge Implementation Overview

3.3.2 Ripa Liquidity Service Provider (R.L.S.P)Using the SmartBridge technology RipaEx will build a mechanism to share liquidity between allthe exchanges in the Ripa network by writing the single exchange orderbook in the Ripa Blockchainand by executing order matching between all exchanges in the network.

What does it mean? Having the benefits of a decentralized orderbook (like liquidity) with thebenefits of a centralized exchange (like platinum customer support and FIAT exchange).

3.3.3 Ripa Community FundThe Ripa Community Fund has been thought to permit the creation of new exchanges in the Ripanetwork – and will have the following characteristics:

– Starting Principal: the RCF will have a starting operating capital of 5% (5,750,000 P−− ) ofthe genesis block

– Recurring Participation: each delegate will contribute to the RCF with 5% of its forgedXPXs

To obtain funds from the RCF and start your own Ripa Exchange, you will be able to submit yourproposal in the official RCF section.

4. Token Sale

4.1 IntroductionThe RipaEx XPX token sale will be separated into two phases:

– PRESALE: that will run from April to June 2018– RIPA TEC: that will run from July to December 2018

You can easily refer to both phases PreSale and RIPA TEC as RipaEx ICO.

4.1.1 RIPA TECFund-raising through the RIPA TEC platform will follow the schedule:

– Exchange from 07/02/2018 to 07/15/2018: at the rate of P−− /e0.0500 (100% bonus)– Cooling-OFF from 07/16/2018 to 07/22/2018: at the rate of P−− /e0.05128205 (95% bonus)– Exchange from 07/23/2018 to 08/05/2018: at the rate of P−− /e0.05714286 (75% bonus)– Cooling-OFF from 08/06/2018 to 08/12/2018: at the rate of P−− /e0.05847953 (71% bonus)– Exchange from 08/13/2018 to 08/26/2018: at the rate of P−− /e0.06666667 (50% bonus)– Cooling-OFF from 08/27/2018 to 09/02/2018: at the rate of P−− /e0.06802721 (47% bonus)– Exchange from 09/03/2018 to 09/16/2018: at the rate of P−− /e0.07142857 (40% bonus)– Cooling-OFF from 09/17/2018 to 09/23/2018: at the rate of P−− /e0.07246377 (38% bonus)– Exchange from 09/24/2018 to 10/07/2018: at the rate of P−− /e0.07692308 (30% bonus)– Cooling-OFF from 10/08/2018 to 10/14/2018: at the rate of P−− /e0.07751938 (29% bonus)– Exchange from 10/15/2018 to 10/28/2018: at the rate of P−− /e0.08333333 (20% bonus)– Cooling-OFF from 10/29/2018 to 11/04/2018: at the rate of P−− /e0.08403361 (19% bonus)– Exchange from 11/05/2018 to 11/18/2018: at the rate of P−− /e0.09090909 (10% bonus)– Cooling-OFF from 11/19/2018 to 11/25/2018: at the rate of P−− /e0.09174312 (9% bonus)– Exchange from 11/26/2018 to 12/09/2018: at the rate of P−− /e0.0952381 (5% bonus)– Cooling-OFF from 12/09/2018 to 12/16/2018: at the rate of P−− /e0.09615385 (4% bonus)

Coins distribution will be available at the end of each trading day and performed automaticallythrough the RIPA TEC platform. Minimum threshold to reach is 25 BTC.

AS THE XPX EXCHANGE RATE IS CALCULATED AGAINST THE EURO CURRENCY DIRECTLY

YOU ARE GUARANTEED TO NOT LOOSE ANY INVESTED FUND DURING THE SALE PERIOD

AS THE XPX TOKENS WILL BE LISTED ON OUR EXCHANGES AT THE BEGINNING OF 2019DIRECTLY WITH THE SAME P−− /e0.10 EXCHANGE RATE AGREED DURING THE ICO PHASE.

RIPA TEC platform will be available at the following link after July 2018:

TEC.RIPAEX.IO

follow us on Facebook, Twitter, Telegram, Slack and all of our official social channel to know whenRIPA TEC is starting!!

4.2 XPX Ripa Token Distribution115,000,000 XPX tokens are seeded into the genesis block: distribution of the XPX tokens generatedare described into figure 4.1 and table 4.1.

PreSale & RIPA TEC

65%

RIPA Founders Team

15%

for marketing

6%for bounties

5%for RCF

5%Ark.io SCIC

4%

Figure 4.1: Ripa token distribution

Percentage (%) Quantity (P−− ) Purpose

65 74,750,000 to distribute in PreSale and RIPA TEC15 17,250,000 to RIPA Founders Team6 6,900,000 for marketing5 5,750,000 for bounties5 5,750,000 for Ripa Community Fund - RCF4 4,600,000 to Ark.io SCIC

Table 4.1: Ripa token distribution

Tokens not sold during the phases of PreSale and RIPA TEC will be burnt forever to permitsand equal distributions of the funds and avoid speculations on the token remaining.

4.3 Division of FundsThe funds collected during the PreSale and RIPA TEC phases will be divided as explained in figure4.2 and table 4.2 below

for project development

60%

for marketing

20%for legal support

20%

Figure 4.2: Ripa division of funds

Percentage (%) Purpose

60 for project development20 for marketing20 for legal support

Table 4.2: Division of funds

where the row “for project development” funds allocation is described in table 4.3 below.

Percentage (%) Purpose

50 functional analysis, technical analysis, development, testing20 technical support15 infrastructure10 security5 analytics

Table 4.3: Project development focus

5. Business Model

5.1 Project MilestonesFollowing the matrix of development per area of interest based on the funds collected during thephases of PreSale and RIPA TEC:

25 BTC 50 BTC 250 BTC 1000 BTC

DEVELOPMENT

CRYPTO ⇔CRYPTO exchange

release with 25cryptocurrenciessupported and 3

main trading pairs

CRYPTO ⇔ FIATexchange releasewith MasterCardprepaid card. 50cryptocurrenciessupported and 3

main trading pairs

Advanced tradingfeatures. Open

of a secondand third Ripa

Exchanges to jointhe Ripa network

Open of tenRipa Exchangesacross the globe

MARKETING

Support fromone agency, adv

campaigns ontargeted channels

Support fromtwo agencies, advcampaigns pushingharder, store withRipaEx gadgets

Internationalpresentation

event in London

Support from fiveagencies, targetingall UN countries,

presentationevent in Tokyo

LEGAL

Legal departmentworking onAML/KYCinternational

standards

Legal departmentsworking onAML/KYCinternationalstandards in

various locationsaround the Globe

Open of officein New York

Open of officein Tokyo,

intergovernmentalparnership for

defining AML/KYCstandards

BLOCKCHAIN

DevNETdevelopment forRLSP and future

ARK releases

Contributions toARK development

for AVM

Contributions toARK development

for standardtiming releases

Partnership withARK for blockchain

technologydevelopments

5.2 Local Market Analysis and 5 Years ProjectionRipa Exchange on its opening at the beginning of next year and for all the year 2019 is to beexpected to have the following operating numbers:

– Registered Users: 5,000– 24/hours Volume: 25 BTC– Monthly Volume: 750 BTC

Given a transaction fee of 0.20% the revenue for the first year of operation are expected to be in the

order of 180 BTC the outcome for the years 2 to 5 is expected to be in the rage described in figure5.1

2019 2020 2021 2022 20230

500

1,000

1,500

2,000

years

BT

C

Figure 5.1: 5 years revenue projection

Depending on the closing value of the RipaEx ICO, the project is to be expected to open N.1 to N.9others Ripa Exchange in the biennium 2019-2020 spreading the use of the Ripa Exchange codebaseand the usage of the XPX token associated with the Ripa Blockchain.

5.3 XPX Token EconomicsAs explained in section 3.3 the Ripa Blockchain will have its own XPX token (P−− symbol) that willserve the following purposes:

1. to list new cryptocurrencies on Ripa Exchanges2. to advertise new projects3. to buy RipaEx gadget on RipaEx Store4. to pay for the sell of goods & services on authorized resellers with our RipaEx POS (Point of

Sale)5. to share liquidity between Ripa Exchanges in the same network

It is our main purpose that the economy of the XPX token will stay healthy for the whole durationof the RipaEx project. For this reason we will apply economic strategies1 to the token economy tomake the price of the token rise constantly during all the duration of the project and beyond.

1Like burning tokens not covered from ICO funds

6. Team & Conclusion

6.1 Team

Giovanni Silvestri @ BitNowFOUNDER AND CEO10+ years experience in IT field,4+ years in cryptocurrencies consultancy and exchanging,2+ years experience in finance,Location: Treviso (TV), Italy� ¯ >

Antonello Arena @DarkitalFOUNDER AND CFO10+ years experience in economics and finance,4+ years in cryptocurrencies consultancy and exchanging,Location: Potenza (PO), Italy¯ >

Giorgio Isola @isolagioFOUNDER AND CDO10+ years experience in design,4+ years in cryptocurrencies consultancy and exchanging,Location: Milan (MI), Italy� ¯ >

Propose your NAME hereCSO3+ years experience in IT networking,1+ years in network security,1+ years experience in finance and or cryptocurrencies,Location:� ¯ >

Luca Dordolo @gavrilobtcADVISOR5+ years in cryptocurrencies consultancy and exchanging,Location: Udine (UD), Italy� ø >

Adriatic Crypto HubADVISOR5+ years experience in advisoring5+ years in cryptocurrencies consultancy and exchanging,Location: Pescara (PE), Italyø � ¯ >

JanEmilCOMMUNITY MANAGER AMERICA2+ years experience in community management,5+ years experience in cryptocurrencies,Location: Denmark� ¯ >

OnlyTrifizCOMMUNITY MANAGER EMEA 1/22+ years experience in community management,5+ years experience in cryptocurrencies,Location: Italy� ¯ >

BitmystCOMMUNITY MANAGER EMEA 2/22+ years experience in community management,5+ years experience in cryptocurrencies,Location: Italy>

Warren Rogers @wazzyCOMMUNITY MANAGER AFRICA - ASIA2+ years experience in community management,5+ years experience in cryptocurrencies,5+ years experience in IT,Location: Czech Republic¯ >

GooseDEVELOPER - DELEGATE1+ years experience in DPOS delegation,8+ years experience in finance and or cryptocurrencies,Location: United States� >

PimoussefrnlDELEGATE4+ years experience in DPOS delegation,>

BluedragonDELEGATE2+ years experience in DPOS delegation,5+ years experience in marketing,Location: United Kingdom>

ToonsDEVELOPER - DELEGATE10 years of experience in python development,3 years of experience in structure design,2+ years experience in DPOS delegation and cryptocur-rencies>

BitSnappDELEGATE5+ years experience in software development,2+ years experience in DPOS delegationLocation: Italyø >

AmolDEVELOPER - DELEGATE1+ years experience Computer Engineering,1+ years experience in DPOS delegation and cryptocur-renciesLocation: Ahmedabad, India7 ¯ >

GandalfDEVELOPER - DELEGATE5+ years experience in software development,1+ years experience in DPOS delegationLocation: United States>

Nick_BoldDEVELOPER - DELEGATE10+ years experience in software development,1+ years experience in DPOS delegationLocation: Italy>

gobledDEVELOPER - DELEGATE10+ years experience in software development,1+ years experience in DPOS delegationLocation: Italy>

Propose your NAME hereDEVELOPER - DELEGATE1+ years experience in DPOS delegation,1+ years experience in cryptocurrenciesLocation:7 ¯ >

6.2 RecommendationsIf you are planning to start your own crypto asset marketplace you are invited to follow the followingprocedure to make your start-up plan a success in the Ripa ecosystem:

1. Submit your proposal to Ripa Community Fund by its official website1 or by contacting uson our official social channels

2. Get the funds you need from RCF, Venture Capital or ICO3. Decide the functional specifications of your exchange4. Implement the exchange5. Open to public

Following the procedure above you are likely to start a successful exchange for which you own thesource code and which will generate revenues for your business action in the next 5 years.It can’t be stressed enough that if your intent is to open a FIAT⇔ CRYPTO exchange you shouldfocus first on law compliance by studying the AML/KYC laws of the country of incorporation andfinding banking partners to work with. Local financial Authority can help to comply with rules &regulations and local cryptocurrencies foundations can help you to tune your exchanges operationsto perform targeted operations.

Remember that RUNNING AN EXCHANGE IS HARD but we’ll give you all the tools to start yourentrepreneurship venture: source code, liquidity and financing will be available to you from day 1 -so that you can focus on giving platinum customer support, law compliance and partnering withfinancial institutions for the success of your entrepreneurship activity.YOUR SUCCESS IS OUR SUCCESS

1Available after March 2019

6.3 SocialPlease join our Telegram to give us feedback on the whitepaper.

To be part of our active community or learn more about what we do:– Visit our website � www.ripaex.io– Join our Telegram > t.me/ripaex– Join our Slack � ripaex.slack.com– Follow us on Twitter7 twitter.com/ripaex– Follow us on Facebook g www.facebook.com/ripaex– Send Us an e-mail ¼ info@ripaex.io

Copyright c© 2018 Ripa Founder Team

PUBLISHED BY RIPA FOUNDER TEAM

WWW.RIPAEX.IO

Licensed under the MIT License (the “License”). You may not use this file ex-cept in compliance with the License. You may obtain a copy of the License athttps://opensource.org/licenses/MIT. Unless required by applicable law or agreedto in writing, software distributed under the License is distributed on an “AS IS” BASIS, WITHOUT

WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. See the License for thespecific language governing permissions and limitations under the License.

First printing, March 2018 - version 1.0

RipaEx VAT 04927110264 - Treviso (TV) - Italy